NSE:BHARTIARTL · Risk Score Report

NSE:BHARTIARTLNSECommunication Services

Bharti Airtel Limited

📊 Telecom Services

Day ₹1,845

₹1,900 Overbought

52W ₹1,747

₹2,174 Neutral

₹1,889.60

▲ ₹45.80 (+2.48%)

Vol: 2,803,029 · Avg: 9,070,942

As of April 29, 2026 · 06:26 IST

COMPOSITE RISK SCORE

VAL:14/25 · FIN:19/25 · GRO:12/25 · TECH:12/25

📈 P/E RATIO

37.4x

Trailing

📖 P/B RATIO

9.2x

Price to Book

💰 EPS

₹50.52

TTM

🏛 MARKET CAP

₹1,151,045Cr

Large Cap

📊 ROE

23.1%

Return on Equity

📈 REV GROWTH

19.6%

YoY

🏢 Company Analysis · Bharti Airtel Limited

💼 BUSINESS MODEL

Bharti Airtel Limited operates as a telecommunications company in India and internationally..
It operates through the Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Passive Tower Infrastructure Services, Homes Services, Digital TV Services, and Others segments..
The company provides voice and data telecom services through wireless technology including 2G/3G/4G/5G services; passive infrastructure service, including the setup, operation, and maintenance of wireless communication towers; home services covering voice and data communications through fixed-line network, wireless network, and broadband technology for homes; and digital TV services comprising digital broadcasting services under the DTH platform and IPTV services..
It also engages in the airtel business that includes network integration, managed services, CPaaS, PaaS, cloud, cybersecurity, IoT, and data center services, as well as enterprise mobility applications..
Operates in Telecom Services within the Communication Services sector.
Workforce of 28,567 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹1,151,045 Cr) — dominant market position with significant scale advantages.
ROE of 23.1% indicates strong competitive advantage and efficient capital deployment.
Profit margin of 14.9% — moderate pricing power.
Key competitors: Bharti Airtel, Tata Tele. Mah., Quadrant Tele., Reliance Communi.

🚀 CATALYSTS

Company has delivered good profit growth of 31.4% CAGR over last 5 years
Factbox-Ambani's Reliance Jio: businesses and investors of the IPO-bound firm (Reuters)
Revenue growing at 20% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,710 — ₹2,750 (mean ₹2,347, 31 analysts).
Favorable asymmetry — upside potential of +46% vs downside floor of -10% (4.8x reward-to-risk).
P/E of 37.4x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (31 analysts).
Latest quarter earnings declined -55% YoY — watch for recovery signals.

✅ PROS

Company has delivered good profit growth of 31.4% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 38.8%

❌ CONS

Stock is trading at 9.16 times its book value
Promoter holding has decreased over last 3 years: -6.15%

VALUATION

14/25

25% WEIGHT

P/E at 37x
P/B at 9.2x
Analyst target: ₹2347 (+24.2%)
1Y return: +4.5%

FINANCIAL HEALTH

19/25

25% WEIGHT

ROE: 23.1%
Profit margin: 14.9%
Revenue growth: 19.6%
Debt/Equity: 117%

GROWTH

12/25

25% WEIGHT

Revenue growth: 19.6%
Earnings growth: -55.3%
Beta: 0.02
Sector: Communication Services

TECHNICAL

12/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

37.4x

Trailing twelve months

P/B RATIO

9.2x

Price to Book value

ROE

23.1%

Return on Equity

PROFIT MARGIN

14.9%

Net profit margin

OPM

32.2%

Operating profit margin

ANALYST TARGET

₹2,347

Range: ₹1,710 - ₹2,750

Yahoo Finance ↗

PEG RATIO

0.45

Price/Earnings to Growth

EV/EBITDA

12.6x

Enterprise value ratio

CURRENT RATIO

0.45

Liquidity measure

DIVIDEND YIELD

0.87%

Annual yield

ROA

7.8%

Return on Assets

GROSS MARGIN

67.3%

Gross profit margin

INDUSTRY AVERAGES — TELECOM - CELLULAR & FIXED LINE SERVICES

P/E 41.5x (below avg)

P/B 4.0x (sector fair)

ROCE 14.7% (below avg)

ROE 15% (sector good)

OPM 20% (sector good)

Div Yield 0.87%

D/E <50 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹41,473 Cr	—	₹3,593 Cr	—	₹24,931 Cr	53.8%
Q3 FY25	₹45,129 Cr	+8.8%	₹14,781 Cr	+311.4%	₹25,728 Cr	75.9%
Q4 FY25	₹47,876 Cr	+6.1%	₹11,022 Cr	-25.4%	₹25,870 Cr	48.6%
Q1 FY26	₹49,463 Cr	+3.3%	₹5,948 Cr	-46.0%	₹30,690 Cr	57.5%
Q3 FY26	₹53,982 Cr	+9.1%	₹6,630 Cr	+11.5%	N/A	58.1%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹116,547 Cr	—	₹4,255 Cr	—	₹55,017 Cr	—
FY23	₹139,145 Cr	+19.4%	₹8,346 Cr	+96.1%	₹65,325 Cr	+18.7%
FY24	₹149,982 Cr	+7.8%	₹7,467 Cr	-10.5%	₹78,898 Cr	+20.8%
FY25	₹172,985 Cr	+15.3%	₹33,556 Cr	+349.4%	₹98,332 Cr	+24.6%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Bharti Airtel Limited Makes Its Money

🏦 Snapshot of Bharti Airtel Limited's Balance Sheet

💸 Looking into Bharti Airtel Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	37,440	37,044	37,900	37,599	38,506	41,473	45,129	47,876	49,463	52,145	53,982
YOY Sales Growth %	14.13%	7.29%	5.85%	4.42%	2.85%	11.96%	19.08%	27.33%	28.45%	25.73%	19.62%
Expenses +	17,842	17,530	18,085	18,234	18,799	19,627	20,533	20,867	21,624	22,584	23,199
Employee Cost %	3.36%	3.72%	3.49%	3.63%	3.57%	3.61%	3.56%	3.83%	3.51%	3.56%	3.63%
Operating Profit	19,598	19,514	19,815	19,365	19,708	21,846	24,597	27,009	27,839	29,561	30,783
OPM %	52%	53%	52%	52%	51%	53%	54%	56%	56%	57%	57%
Other Income +	-2,478	-654	1,013	-1,308	2,010	475	9,675	403	592	809	562
Exceptional items	-3,416	-1,570	-130	-2,456	735	-854	7,546	-140	0	0	-257
Other income normal	938	916	1,143	1,147	1,275	1,329	2,129	544	592	809	819
Interest	5,614	5,186	6,645	5,203	5,152	5,424	5,676	5,502	5,461	4,866	5,623
Depreciation	9,654	9,734	10,074	10,075	10,540	11,000	11,704	12,326	12,465	13,182	13,420
Profit before tax	1,853	3,940	4,108	2,778	6,025	5,897	16,892	9,584	10,504	12,322	12,301
Tax %	18%	47%	30%	26%	22%	30%	4%	-30%	29%	30%	31%
Net Profit +	1,520	2,093	2,876	2,068	4,718	4,153	16,135	12,476	7,422	8,651	8,503
Minority share	92	-752	-434	3	-558	-560	-1,353	-1,454	-1,474	-1,859	-1,872
Exceptional items AT	-2,484	-834	-91	-1,828	575	-601	7,039	-120	0	0	-178
Profit excl Excep	4,004	2,928	2,968	3,896	4,142	4,755	9,095	12,596	7,422	8,651	8,680
Profit for PE	4,096	1,875	2,520	3,900	3,652	4,113	8,332	11,128	5,948	6,792	6,769
Profit for EPS	1,612	1,341	2,442	2,072	4,160	3,593	14,781	11,022	5,948	6,792	6,630
YOY Profit Growth %	155%	-13%	34%	30%	-11%	119%	231%	185%	63%	65%	-19%
EPS in Rs	2.89	2.39	4.34	3.66	7.31	6.31	25.95	19.33	10.43	11.91	11.63
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	82,639	80,780	87,539	100,616	116,547	139,145	149,982	172,985	203,466
Sales Growth %	-13.44%	-2.25%	8.37%	14.94%	15.83%	19.39%	7.79%	15.34%
Expenses +	52,560	55,016	50,930	55,337	59,013	67,871	72,090	87,925	88,274
Manufacturing Cost %	45.20%	49.39%	44.62%	43.90%	39.58%	34.44%	33.05%	31.51%
Employee Cost %	4.81%	4.70%	4.35%	4.09%	3.80%	3.47%	3.55%	3.65%
Other Cost %	13.59%	14.02%	9.21%	7.01%	7.25%	10.87%	11.46%	15.67%
Operating Profit	30,079	25,764	36,610	45,279	57,534	71,274	77,893	85,060	115,192
OPM %	36%	32%	42%	45%	49%	51%	52%	49%	57%
Other Income +	1,756	4,474	-37,775	-4,215	4,656	1,019	-3,028	20,662	2,366
Exceptional items	-807	2,739	-40,362	-4,858	1,699	-670	-7,352	13,748
Other income normal	2,564	1,735	2,587	643	2,958	1,689	4,323	6,914
Interest	9,326	10,622	13,992	15,091	16,616	19,300	22,648	21,754	21,452
Depreciation	19,243	21,348	27,690	29,404	33,091	36,432	39,538	45,570	51,393
Profit before tax	3,267	-1,732	-42,846	-3,432	12,483	16,561	12,679	38,398	44,712
Tax %	33%	-197%	-28%	260%	33%	26%	32%	2%
Net Profit +	2,184	1,688	-30,664	-12,364	8,305	12,287	8,558	37,481	37,051
Profit from Associates	0	0	0	0	0	0	0	0
Minority share	-1,084	-1,278	-1,519	-2,720	-4,050	-3,942	-1,091	-3,925
Exceptional items AT	-286	787	-37,969	-24,895	1,130	-497	-4,935	12,152
Profit excl Excep	2,470	901	7,305	12,531	7,175	12,784	13,493	25,329
Profit for PE	1,243	219	5,786	9,812	3,676	8,683	11,773	22,677
Profit for EPS	1,099	410	-32,183	-15,084	4,255	8,346	7,467	33,556
Profit Growth %	-72%	-82%	2,547%	70%	-63%	136%	36%	93%
EPS in Rs	2.00	0.74	-55.06	-25.63	7.23	14.97	13.20	58.85	53.30
Dividend Payout %	194%	244%	-3%	0%	39%	27%	62%	28%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	1,999	1,999	2,728	2,746	2,795	2,837	2,877	2,900	2,900
Reserves	67,536	69,424	74,417	56,207	63,759	74,726	79,142	110,772	114,896
Borrowings +	111,334	125,428	148,228	162,785	169,678	226,020	215,592	213,642	208,010
Long term Borrowings	84,942	82,490	91,079	110,560	113,535	151,569	130,963	104,864	106,267
Short term Borrowings	12,957	31,010	16,703	8,082	19,380	13,976	20,954	43,448	33,681
Lease Liabilities	0	4,755	30,609	32,995	36,763	60,476	63,676	65,330	68,062
Other Borrowings	13,435	7,173	9,836	11,147	0	0	0	0
Other Liabilities +	68,653	77,176	133,718	122,679	124,975	140,974	144,408	177,692	198,057
Non controlling int	8,814	13,526	24,985	22,274	25,381	28,881	23,545	39,796	42,558
Trade Payables	26,854	26,314	25,020	27,872	29,274	32,895	35,132	38,154	45,233
Advance from Customers	0	0	0	0	0	0	0	0
Other liability items	32,986	37,336	83,714	72,533	70,320	79,198	85,730	99,742	110,267
Total Liabilities	249,521	274,026	359,091	344,417	361,207	444,557	442,019	505,006	523,863
Fixed Assets +	187,200	200,832	229,256	223,480	244,083	277,394	303,303	388,468	395,060
Land	421	451	2,501	2,727	2,564	2,734	3,180	3,124
Building	1,917	1,987	3,664	3,430	3,490	3,959	4,184	5,231
Plant Machinery	145,845	170,244	211,906	218,276	234,880	275,229	303,578	387,185
Equipments	751	807	913	945	1,071	1,190	1,218	1,482
Computers	7,834	8,281	8,994	9,162	9,904	10,740	10,583	12,163
Furniture n fittings	300	315	383	465	670	775	713	823
Vehicles	228	221	441	214	210	613	628	700
Intangible Assets	130,747	137,583	142,818	142,846	160,506	173,706	193,121	234,578	183,731
Other fixed assets	6,225	8,551	8,286	9,356	7,954	8,308	9,284	23,807
Gross Block	294,268	328,441	379,906	387,421	421,249	477,254	526,488	669,092
Accumulated Depreciation	107,067	127,610	150,650	163,942	177,166	199,860	223,185	280,624
CWIP	9,751	9,634	4,282	5,726	5,955	49,425	16,904	10,999	10,219
Investments	16,159	15,711	25,476	27,550	29,349	32,954	31,602	5,838	9,459
Other Assets +	36,411	47,850	100,077	87,661	81,820	84,784	90,210	99,700	109,124
Inventories	69	88	157	266	375	258	364	452	430
Trade receivables	5,883	4,301	4,606	3,638	4,056	3,982	4,728	7,456	8,909
Cash Equivalents	6,671	8,064	15,893	13,466	13,494	13,419	16,340	16,720	18,984
Loans n Advances	10,092	13,424	15,202	12,628	9,342	9,253	1,554	2,126	4,229
Other asset items	13,696	21,973	64,219	57,663	54,552	57,873	67,225	72,946	76,573
Total Assets	249,521	274,026	359,091	344,417	361,207	444,557	442,019	505,006	523,863

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	28,280	29,854	20,070	18,129	48,205	55,017	65,325	78,898	98,332
Profit from operations	34,946	30,636	26,778	37,019	47,395	58,639	72,228	79,365	94,389
Receivables	537	-2,447	843	-892	-395	-713	-558	-1,494	2,966
Inventory	95	-20	-19	-52	-114	-118	-116	-77	-142
Payables	764	1,512	2,158	-248	690	-488	1,267	640	859
Other WC items	-4,902	1,546	-8,519	-15,404	2,862	-128	-3,705	3,345	4,698
Working capital changes	-3,506	591	-5,537	-16,596	3,043	-1,447	-3,112	2,414	8,381
Interest paid	0	0	0	0	0	0	0	0	0
Direct taxes	-3,160	-1,372	-1,171	-2,294	-2,233	-2,175	-3,792	-2,881	-4,438
Other operating items	0	0	0	0	0	0	0	0	0
Cash from Investing Activity +	-30,680	-27,940	-28,286	-29,598	-27,286	-41,478	-39,232	-51,089	-60,198
Fixed assets purchased	-37,870	-26,301	-29,478	-20,717	-27,258	-27,400	-26,538	-40,052	-39,680
Fixed assets sold	1,158	1,052	428	132	144	1,379	88	123	338
Investments purchased	-8,907	-5,026	-5,707	-8,524	-10	-9	-1,232	-30	-73
Investments sold	8,834	3,650	6,313	295	7,085	2,130	31	1,908	740
Interest received	230	566	479	475	313	405	351	567	424
Dividends received	979	1,038	1,149	0	2,424	0	1,399	107	109
Invest in subsidiaries	-28	-1,950	-508	-134	0	0	0	0	0
Investment in group cos	-25	-6	-6	-476	-3,260	-2,621	-811	-30	-879
Redemp n Canc of Shares	6,005	0	0	0	0	589	0	0	107
Acquisition of companies	0	0	0	0	0	0	0	-643	-7
Other investing items	-1,056	-963	-957	-649	-6,723	-15,951	-12,521	-13,040	-21,277
Cash from Financing Activity +	-351	1,920	9,464	19,144	-24,910	-15,203	-24,470	-27,778	-36,533
Proceeds from shares	131	3	10,435	51,942	1	5,223	5,224	1	1
Redemption of debentures	0	0	0	0	0	0	0	-169	-8,629
Proceeds from borrowings	2,538	0	46,748	37,740	32,728	31,843	13,608	8,264	27,252
Repayment of borrowings	0	-2,687	-34,536	-60,025	-44,544	-33,721	-24,920	-10,080	-17,859
Interest paid fin	-5,857	-4,404	-7,617	-10,999	-7,129	-13,159	-6,689	-14,026	-17,548
Dividends paid	-917	-3,265	-4,662	-1,826	-2,691	-1,444	-3,590	-4,184	-6,935
Financial liabilities	-390	-393	-508	-4,774	-6,421	-7,643	-7,599	-7,855	-7,154
Other financing items	4,143	12,667	-397	7,087	3,146	3,697	-504	273	-5,662
Net Cash Flow	-2,752	3,835	1,248	7,675	-3,991	-1,664	1,623	31	1,601
Free Cash Flow	-8,432	4,605	-8,980	-2,456	21,091	28,996	38,875	38,970	58,990
CFO/OP	89%	104%	82%	56%	111%	99%	97%	105%	121%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	18	26	19	19	13	13	10	12	16
Inventory Days
Days Payable
Cash Conversion Cycle	18	26	19	19	13	13	10	12	16
Working Capital Days	-199	-258	-329	-352	-270	-239	-217	-236	-277
ROCE %	10%	7%	3%	5%	7%	11%	12%	13%	13%

🏭 Industry Peers — Telecom - Cellular & Fixed line services

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Bharti Airtel ★	₹1,890	37.6	₹1,151,904	13.5%	-18.8%	72
2	Tata Tele. Mah.	₹44	—	₹8,633	56.7%	+73.3%	63
3	Quadrant Tele.	₹0	—	₹23	—	+115.5%	50
4	Reliance Communi	₹1	—	₹277	—	-11.3%	43
5	City Online Ser.	₹8	—	₹4	38.3%	-228.6%	36
6	Vodafone Idea	₹10	—	₹112,460	-1.9%	+3.7%	33
7	Tata Comm	₹1,600	41.5	₹45,606	14.7%	-14.5%	33
8	Bharti Hexacom	₹1,520	43.2	₹76,012	17.4%	+48.7%	29
9	M T N L	₹32	—	₹2,004	-6.8%	-7.3%	28

★ BHARTIARTL is the top-ranked techno-fundamental pick in Telecom - Cellular & Fixed line services

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	53.12%	52.42%	51.26%	50.27%	48.87%	48.87%
FIIs	24.27%	25.41%	26.72%	27.42%	28.75%	27.79%
DIIs	19.52%	19.23%	19.09%	19.40%	19.54%	20.53%
Government	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%
Public	2.91%	2.75%	2.74%	2.72%	2.65%	2.63%
Others	0.07%	0.07%	0.07%	0.05%	0.05%	0.04%
No. of Shareholders	8,36,095	8,33,428	8,28,719	8,48,472	8,52,831	9,01,086

🟢 CATALYSTS

🏆Revenue Growth 20%: Above sector norm of 18% — strong top-line momentum.

💹High ROE (23.1%): Above sector norm of 15% — efficient capital use.

🔀Analyst Upside (24%): Mean target of ₹2347 above current price.

🇮Low Beta (0.02): Less volatile than market — defensive play.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Communication Services space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +6.0%, 6M -10.0%, RSI 58, MACD bullish, Below 200DMA

Sentiment 8/10
Analyst upside +24.2%, Rec: buy

Value 6/10
P/E 37.4, P/B 9.2, PEG 0.45, EV/EBITDA 12.6

Quality 5/10
ROE 23.1%, Margin 14.9%, D/E 117, CR 0.45

Low Volatility 10/10
Beta 0.02, Ann. vol 19%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 24.2% analyst upside	OPM of 32% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.96%)	Miss further upside if momentum continues; 1M return of +6.0% shows momentum
SELL	Lock in +4.5% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 24.2% with mean target of ₹2,347
ROE of 23.1% above sector norm of 15%
Revenue growing at 19.6% YoY (sector norm: 6%)
Operating margin of 32% shows pricing power (sector norm: 20%)

REASONS TO SELL / AVOID

FII stake falling (-0.96%) — institutional exit signal

📰 Latest News

Ribbon Communications Q1 Earnings Call Highlights

MarketBeat · 2026-04-28T21:40

WhatsApp adds prepaid phone recharges in India as its payments usage still lags

TechCrunch · 2026-04-23T13:28

India’s Tata Communications posts quarterly revenue rise on data‑services growth

Reuters · 2026-04-22T11:31

India's Bharti Airtel-owned Nxtra to raise $1 billion amid data center boom

Reuters · 2026-03-30T16:07

Factbox-Ambani's Reliance Jio: businesses and investors of the IPO-bound firm

Reuters · 2026-03-23T09:38

Push for $40 smartphones builds momentum, but still faces cost hurdles

TechCrunch · 2026-03-08T05:00

RECOMMENDATION

HOLD

COMPOSITE SCORE

57/100

Bharti Airtel Limited trades at ₹1,889.60 with a composite risk score of 57/100. The stock scores 14/25 on valuation, 19/25 on financial health, 12/25 on growth, and 12/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 24.2% with a mean target of ₹2347. Revenue growth is at 19.6% — a strong positive signal.

Bottom Line: Neutral for Communication Services — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE UPSIDE POTENTIAL HIGH DEBT